South Korea-based crypto venture capital firm Hashed Ventures is expanding to Abu Dhabi in partnership with Hub71, aiming to open an office and explore fundraising opportunities in the city, CEO Simon Kim told Bloomberg.
The firm with more than $700 million in assets under management, views the Abu Dhabi market as favorable because of the straightforward and progressive crypto regulation.
The decision is consistent with Hashed Ventures’ strategic plan to expand its operations in significant international locations. The firm already has offices in Singapore and San Francisco and plans to use Hub71 in Abu Dhabi to expand its presence.
CEO Simon Seo-Joon Kim stated, “For the Korean startup, the mission to expand their business abroad is quite mandatory because the biggest problem of Korea is our population is decreasing. But I believe that talent-wise, the Korean entrepreneur is one of the best in the world, so we have to expand our business abroad.”
Hashed Ventures intends to look for fundraising opportunities in Abu Dhabi, the fund intends to take South Korean firms worth $1 billion into the ecosystem while demonstrating its portfolio consisting of Yuga Labs, dYdX, and Axie Infinity.
The rules in Abu Dhabi are quite clear, and the environment is friendly towards the industry, which is why many crypto companies have appeared there, including giants such as Binance and OKX; Hub71 has launched a $2 billion program for Web3 companies.
Ahmad Ali Alwan, the CEO of Hub71, said that he looked forward to more startups from South Korea coming to Abu Dhabi. “We are excited about the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital,” Alwan said.
Hub71 is a sign of Hashed Ventures’ long-term strategy to leverage friendly crypto policies and grow its international presence, proving its belief in Abu Dhabi’s place in the digital asset market.
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